Desenvolvimento financeiro e crescimento econômico: teoria e evidência empírica para os estados brasileiros (1995-2004)
Frederico Jayme Jr () and
Ana Maria H. C. de Oliveira
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Ana Maria H. C. de Oliveira: Cedeplar-UFMG
Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais
This paper aims at analyzing the relationship between economic growth and financial development on theoretical and empirical grounds. We briefly review the arguments that support the existence or not of a positive and causal relation between these two variables, as well as the arguments that outline the role and influence of financial development upon the economy. Second, an empirical exercise was undertaken using data for the 26 Brazilian states and Distrito Federal (the Brazilian District, where the capital Brasília is located). We estimate quantile regression in order to show the impact of financial development on the dependent variable (the Gross State Product, GSP). We adopted two measures of financial development, one based in the work of King & Levine (1993) and the other in the work of Marques Jr. & Porto Jr. (2004). Empirical results suggest a positive relation between financial development and economic growth.
Keywords: Financial Intermediation; Economic Growth; Quantile Regression; Brazil (search for similar items in EconPapers)
JEL-codes: O10 G20 O42 C31 (search for similar items in EconPapers)
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Working Paper: DESENVOLVIMENTOFINANCEIRO E CRESCIMENTO ECONÔMICO: Teoria eEvidência Empírica para os Estados Brasileiros(1995-2004) (2011)
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